Meyer Handelman Co. Sells 1,300 Shares of Nucor Co. (NYSE:NUE)

Meyer Handelman Co. cut its holdings in Nucor Co. (NYSE:NUE) by 1.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,992 shares of the basic materials company’s stock after selling 1,300 shares during the quarter. Meyer Handelman Co.’s holdings in Nucor were worth $12,327,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. McClarren Financial Advisors Inc. grew its holdings in shares of Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 89 shares during the last quarter. Rise Advisors LLC acquired a new stake in Nucor in the first quarter valued at approximately $27,000. Chilton Capital Management LLC grew its stake in shares of Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after buying an additional 65 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Nucor during the first quarter worth $28,000. Finally, Tompkins Financial Corp lifted its stake in shares of Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 104 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Trading Up 0.6 %

NUE opened at $151.87 on Friday. Nucor Co. has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a fifty day moving average of $146.67 and a 200-day moving average of $162.23. The stock has a market cap of $36.41 billion, a PE ratio of 8.93 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the company posted $5.81 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts predict that Nucor Co. will post 9.1 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.42%. Nucor’s payout ratio is presently 12.71%.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the sale, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of research reports. BMO Capital Markets reduced their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price objective on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, Morgan Stanley dropped their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.43.

Nucor Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.